The following statement can be attributed to Mike Walls, American Chemistry Council vice president of regulatory and technical affairs, in response to a formal recommendation by the U.S.-EU High Level Working Group on Jobs and Growth to forge a trans-Atlantic trade and investment agreement:

“ACC strongly supports the Working Group’s recommendation for the U.S. and EU to negotiate a comprehensive, ambitious trade and investment agreement that eliminates tariffs and import duties on trans-Atlantic chemicals trade, and significantly reduces regulatory inefficiencies while protecting human health and the environment.

“American chemical manufacturers see eye to eye with our European counterparts on the value industry can bring to these negotiations, and calls on governments to include chemicals as a priority sector in the negotiations. Done right, a comprehensive trans-Atlantic agreement would relieve our industry of more than $1.5 billion in import duties and industrial tariffs. The potential cost savings – for industry and for government – from enhanced regulatory cooperation are even greater. Given chemistry’s early position in the value chain, these cost savings would be amplified downstream for the countless businesses that depend on our products. That’s money that can be put toward new investment and creating new jobs.

“An ambitious U.S.-EU agreement has the potential to significantly boost growth and job creation on both sides of the Atlantic. ACC calls on the President to request, and Congress to grant, Trade Promotion Authority to facilitate the negotiation of a U.S.-EU agreement of the highest standard.”